The S&P manufacturing PMIs for November show split results with 9 reporters showing improvement and 9 reporters showing deterioration. The median value among reporters in November is 49.0, exactly...
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Charts of the Week
Macro Pulse
The messaging from this week’s raft of economic data has painted an increasingly familiar picture of the global economic scene. Headline inflation is finally easing off its highs in large part thanks to ebbing energy prices. But last year’s high levels of inflation and the global trend toward tighter monetary policy that they sparked are now exacting a heavier toll on economic activity.
Diverging Paths, Converging Risks
Global financial markets have been navigating a more unsettled backdrop in recent weeks, with choppier risk sentiment and shifting rate expectations reshaping the macro narrative. US assets have been particularly sensitive to signs of cooling labour-market momentum, while rising real yields in Japan and renewed fiscal tightening in the UK have added further cross-currents. In our charts this week we home in on:
- The global policy rate consensus
- The US labour market
- Euro area inflation
- Real rates in Japan
- UK government debt
- South Korea’s semiconductor trade
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